Wednesday, October 08, 2008

"I'm gonna punch your lights out!" A Tale of US Economy Woe Revenge

"Lehman CEO Reportedly Punched In Face At Gym

Attack Allegedly Happened Shortly After Bankruptcy News Broke
POSTED: 10:41 am EDT October 7, 2008
UPDATED: 11:50 am EDT October 7, 2008

Lehman Bros. CEO Richard S. Fuld Jr. was reportedly attacked at the company gym shortly after it was announced that the 158-year-old company was going bankrupt last month, according to CNBC and The Telegraph of London.

The Telegraph, sourcing CNBC, said "two very senior sources - one incredibly senior source" had confirmed the rumors of the attack.

According to reports, Fuld was running on the treadmill when a man who was pumping iron in the corner of the gym came over and knocked him out cold.

Further details about the alleged attack were not immediately available.

Fuld sat for a two-hour-plus grilling before the U.S. House Oversight and Government Reform Committee Monday as the panel combed through his pay history, management practices and financial strategies.

"You made all this money by taking risks with other people's money," Rep. Henry Waxman, D-Calif., the panel's chairman, said. "The system worked for you, but it didn't seem to work for the rest of the country and the taxpayers, who now have to pay $700 billion to bail out our economy."

A subdued Fuld opened his testimony declaring, "I take full responsibility for the decisions that I made and for the actions that I took," but he conceded no errors or misjudgments in the chaotic period that led to the firm's bankruptcy.

And he said a compensation system that he estimated paid him about $350 million between 2000 and 2007 even as the company headed for disaster was appropriate.
"We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders," Fuld said.

Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed."

PatriotWriter's Note: Ron Paul is reported to have commented on the bailout situation and the failures of the Federal Reserve, "I told you so."

1 comment:

Wesley said...

For some reason, I have a hard time feeling sorry for the guy. God knows that if I saw Bernanke at the gym, I might do the same thing.